One in five South Koreans now aged 65 or older

South Korea has officially entered the “super-aged” category, with 20% of its population now aged 65 or older, according to data released by the Ministry of the Interior and Safety on December 24. This development underscores the country’s worsening demographic crisis as South Korea becomes one of the world’s fastest-aging nations.

The nation’s elderly population has reached 10.24 million out of a total of 51.22 million, qualifying South Korea for the UN’s “super-aged” classification. The UN defines an “aging society” as having 7% of the population aged 65 or older, an “aged society” at 14%, and a “super-aged” society at over 20%.

Fertility rates hit record lows

South Korea’s demographic challenges are compounded by a declining fertility rate, which fell to a historic low of 0.72 children per woman in 2023—far below the replacement rate of 2.1. The fertility rate has been below one child per woman since 2018, making South Korea’s rate one of the lowest globally.

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This demographic shift raises concerns about the long-term sustainability of the population, with experts warning that South Korea’s population could shrink by half by 2100.

Government response: A ‘national emergency’

Acknowledging the crisis, the government has termed the situation a “national emergency.” In May, suspended President Yoon Suk Yeol called for the creation of a “Ministry of Low Birth Rate Counterplanning” to address the issue.

“We will mobilize all of the nation’s capabilities to overcome the low birth rate, which can be considered a national emergency,” Yoon stated. He emphasized the importance of addressing the daily challenges of citizens, noting that “corporate growth and job creation are important, but it’s even more critical to resolve what is inconvenient in the lives of each and every person.”

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Despite this urgency, efforts to establish a dedicated “population-focused ministry” have stalled, with political conflict delaying progress. This includes disputes within the National Assembly over the president’s declaration of martial law and subsequent impeachment trial.

Decline in marriage rates and social factors

Experts attribute the declining fertility rate to various factors, including the rising cost of living, stagnant wages, and entrenched gender inequalities that disproportionately burden women with childcare responsibilities.

The number of marriages in South Korea has dropped by 40% over the past decade, with only 193,673 marriages recorded in 2023 compared to 322,807 in 2013.

Financial incentives fail to reverse the trend

The government has introduced multiple incentives to encourage childbirth, including financial assistance ranging from 35 million won (£20,566) to 50 million won (£29,380) per child until they reach the age of seven. In one notable case, a couple who gave birth to quintuplets in September received 170 million won (£95,757) in childbirth grants. Additionally, the health and welfare ministry has recognized families with multiple children, awarding two women civilian service medals in October for giving birth to 13 children each.

A crisis with no easy solutions

Despite these initiatives, the measures have had limited success. Experts emphasize the need for broader societal changes to address gender inequality, improve work-life balance, and ensure economic stability for families. Without these reforms, South Korea’s demographic crisis could have severe implications for its economy and social structure in the years to come.